Abstract:

In an era of socioeconomic volatility marked by pandemics, climate change, technological disruption, and rising healthcare costs, insurance has emerged as a vital instrument for providing social protection and promoting economic sustainability. This study examines the multifaceted role of insurance as a strategic tool that protects individuals and societies from financial risks, contributes to inclusive growth, enhances resilience, and supports economic stability. Using both primary and secondary data collected during 2022–2023 across diverse demographic groups, the study employs descriptive statistics, correlation analysis, and regression models to identify the determinants of insurance adoption and the impact of insurance on financial well-being. The results suggest that insurance significantly reduces financial vulnerability, strengthens social safety nets, and fosters economic resilience, especially among low- and middle-income populations. Findings underscore the need for policy interventions that improve insurance awareness, accessibility, and trust. The study offers insights for policymakers, insurers, and researchers on the evolving role of insurance in contemporary societies.

Keywords:

Insurance, Social Protection, Economic Sustainability, Financial Risk, Adoption Determinants, Financial Inclusion, Policy Awareness.

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Methods